6 Nov 2013
EUR/USD pierces 1.3530 on German data
FXstreet.com (Edinburgh) - The EUR/USD briefly climbed to fresh weekly highs beyond 1.3530 on Wednesday, boosted by the better-than-expected German data from Factory Orders.
EUR/USD firmer, waits for the ECB
The pair found extra impulse after Factory Orders in the first economy of the bloc expanded 3.3% on a monthly basis and 7.9% over the last twelve months during September, testing fresh 3-day highs just above 1.3530. Against the backdrop of increasing speculations regarding a rate cut in tomorrow’s ECB gathering, Strategist Elwin de Groot at Rabobank commented, “We expect the ECB to refrain from tangible measures next week, simply because we think these could prove rather ineffective at this juncture. The best approach in this case is to strike a decidedly dovish tone in the press conference”.
EUR/USD levels to watch
The pair is now up 0.41% at 1.3526 with the initial resistance at 1.3589 (high Nov.1) followed by 1.3605 (MA21d). On the downside, a break below 1.3442 (low Nov.4) would expose 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).
EUR/USD firmer, waits for the ECB
The pair found extra impulse after Factory Orders in the first economy of the bloc expanded 3.3% on a monthly basis and 7.9% over the last twelve months during September, testing fresh 3-day highs just above 1.3530. Against the backdrop of increasing speculations regarding a rate cut in tomorrow’s ECB gathering, Strategist Elwin de Groot at Rabobank commented, “We expect the ECB to refrain from tangible measures next week, simply because we think these could prove rather ineffective at this juncture. The best approach in this case is to strike a decidedly dovish tone in the press conference”.
EUR/USD levels to watch
The pair is now up 0.41% at 1.3526 with the initial resistance at 1.3589 (high Nov.1) followed by 1.3605 (MA21d). On the downside, a break below 1.3442 (low Nov.4) would expose 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).